Steel House 53 - 59 West Street and 4 Holly Lane Sheffield South Yorkshire S1 4EQ

Steel House
53 - 59 West Street and 4 Holly Lane
Sheffield
South Yorkshire
S1 4EQ

Freehold City Centre Leisure Investment

Entirely let to Star Company (Property) Limited) - a part of the Heineken UK Company
Let on lease expiring in April 2034 (subject to option)
Recent substantial refit by subtenant
Close to Sheffield and Sheffield Hallam Universities, and Sheffield’s Retail Quarter
Future potential to convert upper parts to residential (subject to lease and consents)
For the Seller's Legal Pack, please click the Property Documents tab below
Approximately 15,648 sq ft

Lot
23
Auction
7th July 2016
Rent
£112,500 per Annum Exclusive
Status
Sold
Price
£1,030,000
Sector
Leisure
Auction Venue
The Radisson Blu Portman Hotel
22 Portman Squafre
London W1H 7BG

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Freehold City Centre Leisure Investment

Entirely let to Star Company (Property) Limited) - a part of the Heineken UK Company
Let on lease expiring in April 2034 (subject to option)
Recent substantial refit by subtenant
Close to Sheffield and Sheffield Hallam Universities, and Sheffield’s Retail Quarter
Future potential to convert upper parts to residential (subject to lease and consents)
For the Seller's Legal Pack, please click the Property Documents tab below
Approximately 15,648 sq ft

Lot 23
Auction 7th July 2016
Rent £112,500 per Annum Exclusive
Status Sold
Price £1,030,000
Sector
Leisure
Auction Venue
The Radisson Blu Portman Hotel
22 Portman Squafre
London W1H 7BG

Property Information

Location

Miles: 33 miles south of Leeds, 38 miles east of Manchester
Roads: A57, A61, M1 (Junction 33 & 34)
Rail: Sheffield Railway Station
Air: Robin Hood Doncaster/Sheffield Airport

Situation

The property is situated in the heart of Sheffield's "Devonshire Quarter", an area known for its variety of independent shops, pubs and bars. The property is located on the southern side of West Street, between its junctions with Carver Lane and Holly Lane. West Street is one of the destination music and entertainment streets in Sheffield, with a number of bars, pubs and nightclubs.
West Street benefits from excellent bus communications, with routes directly to The University of Sheffield (0.3 miles), and Sheffield Hallam University (0.4 miles). Other occupiers on West Street include Zizzi's, Nando's, Tesco Metro and a number of independent bars. The property is located close to the city’s planned £480 million redevelopment of its Retail Quarter.

Tenure

Freehold.

Location

Miles: 33 miles south of Leeds, 38 miles east of Manchester
Roads: A57, A61, M1 (Junction 33 & 34)
Rail: Sheffield Railway Station
Air: Robin Hood Doncaster/Sheffield Airport

Situation

Tenure

Freehold.

Description

The property comprises a bar/nightclub at ground and part first floors, with ancillary accommodation at basement, part first, second and third floors.

VAT

VAT is applicable to this lot.

Completion Period

Six Week Completion

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Description

The property comprises a bar/nightclub at ground and part first floors, with ancillary accommodation at basement, part first, second and third floors.

VAT

VAT is applicable to this lot.

Completion Period

Six Week Completion

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Tenancy & Accommodation

Floor	Use	Floor Areas (Approx)		Tenant	Term	Rent p.a.x	Reviews
Ground Basement First Second Third	Bar/Nightclub Bar/Ancillary Ancillary Ancillary Ancillary	362.59 sq m 228.99 sq m 302.76 sq m 275.91 sq m 283.44 sq m	(3,903 sq ft) (2,465 sq ft) (3,259 sq ft) (2,970 sq ft) (3,051 sq ft)	STAR PUBS & BARS (PROPERTY) LIMITED (1)	35 years less one day from 09/04/1999 until 08/04/2034 (2) on a full repairing and insuring lease	£112,500	09/04/2019 and five yearly thereafter
Totals		1,453.69 sq m	(15,648 sq ft)			£112,500

(1) Star Pubs & Bars run around 1,100 pubs and bars throughout the UK. Star Pubs & Bars is the leased pub business of Heineken UK, the UK’s leading beer and cider producer, behind drinks including Strongbow, Bulmers, Heineken, Fosters and Kronenbourg 1664. (Source: www.heineken.co.uk and www.starpubs.co.uk 07/06/2016).The property is sub-let to a tenant trading as OMG, who trade from other venues in Bristol, Swansea and Plymouth.
(2) The lease is subject to a tenant option to determine on 8th April 2024.